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HomeNewsFinanceGalaxy Digital May Profit From Enhancing Political Sentiment In the direction of...

Galaxy Digital May Profit From Enhancing Political Sentiment In the direction of Crypto in U.S.: Benchmark

Benchmark assumed protection of Galaxy Digital with a purchase ranking and a C$19 worth goal.

The digital belongings platform is about to learn from enhancing political sentiment in the direction of cryptocurrencies, the dealer stated

The approval of spot bitcoin ETFs in January was a lift for the corporate, the report stated.

Galaxy Digital (GLXY) is effectively positioned to learn from resurgent crypto markets, U.S. political leaders’ enhancing sentiment in the direction of digital belongings, and the potential for elevated adoption of bitcoin (BTC) and different cryptocurrencies, dealer Benchmark stated in a analysis report on Tuesday.

Benchmark assumed protection of the digital belongings platform with a purchase ranking and a C$19 worth goal. The shares closed over 6% larger on Monday at C$14.76. The corporate has a “strong steadiness sheet that includes $1.5 billion in liquidity, buying and selling relationships with 1,161 counterparties, and assist of greater than 100 totally different crypto belongings,” analyst Mark Palmer wrote.

Enhancing political sentiment in the direction of crypto, as evidenced by the bipartisan passage of the Monetary Innovation and Expertise for the twenty first Century Act (FIT21) final month, improves Galaxy’s working outlook within the U.S. but in addition will increase the chance that the corporate will be capable of record on Nasdaq, the report stated.

The approval of 11 spot bitcoin exchange-traded funds (ETFs) within the U.S. in January was one other main increase for the corporate, the word stated, and it’ll probably additionally see tailwinds from bitcoin worth appreciation arising from the current halving occasion and from elevated institutional demand.

With institutional adoption of digital belongings about to take off, “Galaxy is positioned to safe a significant share of that market alternative with GalaxyOne,” the prime brokerage enterprise it launched final November, Palmer wrote.

Galaxy can also be in search of to change into an SEC-registered broker-dealer, which might put it in direct competitors with Coinbase (COIN), the report added.

Learn extra: Galaxy Digital Has Robust Momentum Throughout All Enterprise Traces: Canaccord

Galaxy Digital May Profit From Enhancing Political Sentiment In the direction of Crypto in U.S.: Benchmark

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